BN Americas2 Jun 2023 06:17
Ecuador expects to conclude negotiations on a production contract with Australian miner SolGold, the operator of the US$3bn Cascabel copper-gold project, in the next few months, according to deputy minister of mines, Juan José Espinosa.
"We hope to deliver the good news before the end of the year," Espinosa said in a radio interview.
Cascabel is located in the northern province of Imbabura and SolGold expects it to become one of the 20 largest copper and gold operations in South America.
According to the prefeasibility study, the Alpala deposit – the most important in the mine concession – hosts 9.9Mt of copper, 21.7Moz gold and 92.2Moz of silver in measured and indicated resources.
Last February, energy and mines minister Fernando Santos told BNamericas that he expected pre-construction work to begin by the end of 2023 and construction of the mine to start in 2024.
Meanwhile, Espinosa said that authorities are working to improve legal security for all mining companies operating in Ecuador or which are interested in investing in the country.
As part of that objective, he said that President Guillermo Lasso's government is about to issue the regulations required to regulate environmental consultation, which is an essential step to unlock authorizations for various projects and not just in the mining sector.
https://www.bnamericas.com/en/news/ecuador-expecting-to-conclude-negotiations-on-us3bn-cascabel-copper-gold-mine-by-year-end